Du funds build-up through $207m export credit

Emirates Integrated Telecommunications Company (Du) Wednesday announced it has entered into a $207m financing agreement with KfW IPEX-Bank GmbH, part of the German KfW Bankengruppe.

The financing agreement was facilitated by Nokia Siemens Networks (NSN), one of the largest telecommunications hardware, software and services companies in the world.
 
The agreement, largely backed by Euler Hermes, the Export Credit Agency (ECA) based in Germany, will see a $207m of export credit facility provided to Du by KfW IPEX-Bank GmbH for the purchase of NSN solutions and services. In line with Du's ongoing efforts to meet the highest levels of user satisfaction, NSN solutions financed through the credit facility will be used to expand and upgrade Du's 2G and 3G network.

Osman Sultan, CEO of Du, commented: "There continues to exist a high demand throughout the UAE for improved coverage and capacity. This financing deal with Nokia Siemens Networks and KfW IPEX-Bank GmbH will enable us to carry on meeting this demand head on. The new equipment will facilitate the continued roll out of our 2G and 3G network, greatly benefitting Du's customer base, while simultaneously expanding our coverage and capacity within the UAE".

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